Global law firm White & Case LLP has advised Icelandic bank Kaupthing hf. on its restructuring, which is effective from December 23, 2015.

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With priority creditors having already been paid, and subject only to receiving certain exemptions from capital controls upon delivery of an agreed stability contribution to the Icelandic authorities, the successful restructuring will enable the distribution of billions of euros in cash, as well as other instruments, to senior unsecured creditors. It will also facilitate those creditors taking control of the company and its remaining assets. Completing the restructuring before the end of 2015 also ensures that Kaupthing is not subject to an Icelandic stability tax on its assets, preserving value for creditors.